Poplar Forest Cornerstone Fund
  
Schedule of Investments
  
at December 31, 2022 (Unaudited)
  
           
Shares/Principal Amount
      
Value
  
   
COMMON STOCKS - 68.8%
      
   
Aerospace & Defense - 2.7%
      
 
5,000
  
Curtiss-Wright Corp.
  
$
834,950
  
               
     
Air Freight & Logistics - 0.9%
        
 
1,500
  
FedEx Corp.
    
259,800
  
               
     
Banks - 4.3%
        
 
16,300
  
Citigroup, Inc.
    
737,249
  
 
14,200
  
Wells Fargo & Co.
    
586,318
  
           
1,323,567
  
     
Biotechnology - 3.7%
        
 
4,000
  
United Therapeutics Corp. (a)
    
1,112,360
  
               
     
Chemicals - 2.6%
        
 
15,700
  
Dow Inc.
    
791,123
  
               
     
Commercial Services & Supplies - 1.4%
        
 
20,100
  
MillerKnoll, Inc.
    
422,301
  
               
     
Consumer Finance - 1.4%
        
 
18,000
  
Ally Financial, Inc.
    
440,100
  
               
     
Diversified Financial Services - 3.4%
        
 
4,021
  
Apollo Global Management, Inc. (c)
    
256,500
  
 
27,100
  
Equitable Holdings, Inc.
    
777,770
  
           
1,034,270
  
     
Diversified Telecommunication Services - 2.7%
        
 
44,100
  
AT&T, Inc.
    
811,881
  
               
     
Entertainment - 1.3%
        
 
41,300
  
Warner Bros. Discovery, Inc. (a)
    
391,524
  
               
     
Gas Utilities - 2.2%
        
 
10,700
  
National Fuel Gas Co.
    
677,310
  
               
     
Health Care Providers & Services - 5.1%
        
 
5,300
  
AmerisourceBergen Corp.
    
878,263
  
 
7,300
  
CVS Health Corp.
    
680,287
  
           
1,558,550
  
     
Hotels, Restaurants & Leisure - 3.1%
        
 
19,900
  
Las Vegas Sands Corp. (a)
    
956,593
  
               
     
Insurance - 5.2%
        
 
5,800
  
Allstate Corp.
    
786,480
  
 
12,400
  
American International Group, Inc.
    
784,176
  
           
1,570,656
  
     
IT Services - 5.5%
        
 
19,500
  
DXC Technology Co. (a)
    
516,750
  
 
4,900
  
Fidelity National Information Services, Inc.
    
332,465
  
 
5,800
  
International Business Machines Corp.
    
817,162
  
           
1,666,377
  
     
Machinery - 2.1%
        
 
39,600
  
CNH Industrial NV (c)
    
635,976
  
               
     
Multi-line Retail - 2.3%
        
 
4,900
  
Dollar Tree, Inc. (a)
    
693,056
  
               
     
Oil, Gas & Consumable Fuels - 3.5%
        
 
4,000
  
Chevron Corp.
    
717,960
  
 
8,400
  
Murphy Oil Corp.
    
361,284
  
           
1,079,244
  
     
Pharmaceuticals - 4.7%
        
 
6,600
  
Merck & Co., Inc.
    
732,270
  
 
20,900
  
Perrigo Co. plc (c)
    
712,481
  
           
1,444,751
  
     
Semiconductors & Semiconductor Equipment - 2.2%
        
 
25,200
  
Intel Corp.
    
666,036
  
               
     
Software - 1.0%
        
 
2,500
  
VMware, Inc. (a)
    
306,900
  
               
     
Specialty Retail - 1.9%
        
 
4,000
  
Advance Auto Parts, Inc.
    
588,120
  
               
     
Textiles, Apparel & Luxury Goods - 2.8%
        
 
22,300
  
Tapestry, Inc.
    
849,184
  
               
     
Tobacco - 2.8%
        
 
8,600
  
Philip Morris International, Inc.
    
870,406
  
               
     
TOTAL COMMON STOCKS (Cost $16,820,224)
    
20,985,035
  
               
     
CORPORATE BONDS - 9.5%
        
     
Banks - 2.2%
        
     
Citizens Financial Group, Inc.
        
$
700,000
  
3.750%, 7/1/24
    
669,069
  
     
Food Products - 2.3%
        
     
McCormick & Company, Inc.
        
 
715,000
  
3.500%, 9/1/23
    
707,608
  
     
Gas Utilities - 2.4%
        
     
National Fuel Gas Co.
        
 
800,000
  
3.950%, 9/15/27
    
740,878
  
     
Specialty Retail - 2.6%
        
     
Dick's Sporting Goods, Inc.
        
 
1,000,000
  
3.150%, 1/15/32
    
785,875
  
     
TOTAL CORPORATE BONDS (Cost $2,986,243)
    
2,903,430
  
               
     
U.S. TREASURY NOTES - 11.4%
        
     
U.S. Treasury Floating Rate Note
        
 
650,000
  
4.447%, (USBMMY3M + 0.049%), 1/31/23 (d)
    
650,134
  
     
U.S. Treasury Note TIPS
        
 
878,548
  
0.125%, 7/15/24
    
850,777
  
 
873,788
  
0.250%, 7/15/29
    
801,362
  
     
U.S. Treasury Notes
        
 
310,000
  
0.500%, 11/30/23
    
298,267
  
 
145,000
  
0.750%, 12/31/23
    
139,417
  
 
165,000
  
0.875%, 1/31/24
    
158,368
  
 
165,000
  
1.500%, 2/29/24
    
159,131
  
 
145,000
  
2.250%, 3/31/24
    
140,746
  
 
300,000
  
2.625%, 4/15/25
    
289,008
  
     
TOTAL U.S. TREASURY NOTES (Cost $3,632,415)
    
3,487,210
  
               
     
U.S. GOVERNMENT AGENCY - 2.6%
        
     
Federal Home Loan Banks
        
 
800,000
  
4.000%, 9/30/27
    
799,650
  
     
TOTAL U.S. GOVERNMENT AGENCY (Cost $800,000)
    
799,650
  
               
     
PREFERRED STOCK - 1.6%
        
     
Consumer Finance - 1.6%
        
 
700,000
  
Ally Financial, Inc. - Series B, 4.70%
    
470,312
  
     
TOTAL PREFERRED STOCK (Cost $713,346)
    
470,312
  
               
     
SHORT-TERM INVESTMENTS - 6.0%
        
     
MONEY MARKET FUND - 3.0%
        
 
926,134
  
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 4.093% (b)
    
926,134
  
     
TOTAL MONEY MARKET FUND (cost $926,134)
    
926,134
  
               
     
U.S. TREASURY BILLS - 3.0%
        
$
300,000
  
4.120%, 1/24/23 (e)
    
299,329
  
 
465,000
  
3.070%, 2/23/23 (e)
    
462,205
  
 
145,000
  
1.590%, 3/23/23 (e)
    
143,652
  
     
TOTAL U.S. TREASURY BILLS (Cost $906,590)
    
905,186
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $1,832,724)
    
1,831,320
  
               
     
Total Investments in Securities (Cost $26,784,952) - 99.9%
    
30,476,957
  
     
Other Assets in Excess of Liabilities - 0.1%
    
31,308
  
     
NET ASSETS - 100.0%
  
$
30,508,265
  
               
               
     
TIPS - Treasury Inflation Protected Securities
        
     
USBMMY3M - U.S. Treasury 3 Month Bill Money Market Yield
        
(a)
  
Non-income producing security.
        
(b)
  
Rate shown is the 7-day annualized yield at December 31, 2022.
        
(c)
  
U.S. traded security of a foreign issuer.
        
(d)
  
Variable or floating rate security based on a reference index and spread. The rate reported
  
     
is the rate in effect as of December 31, 2022.
        
(e)
  
Rate shown is the discount rate at December 31, 2022.
        

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's
Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
                 
Poplar Forest Cornerstone Fund
              
Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)
        
                 
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United
States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:
                 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
    
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may
include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves,
default rates and similar data.
              
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions
about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
                 
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:
    

   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Common Stocks
                        
Communication Services
  
$
1,203,405
    
$
-
    
$
-
    
$
1,203,405
  
Consumer Discretionary
    
3,086,953
      
-
      
-
      
3,086,953
  
Consumer Staples
    
870,406
      
-
      
-
      
870,406
  
Energy
    
1,079,244
      
-
      
-
      
1,079,244
  
Financials
    
4,368,593
      
-
      
-
      
4,368,593
  
Health Care
    
4,115,661
      
-
      
-
      
4,115,661
  
Industrials
    
2,153,027
      
-
      
-
      
2,153,027
  
Information Technology
    
2,639,313
      
-
      
-
      
2,639,313
  
Materials
    
791,123
                      
791,123
  
Utilities
    
677,310
      
-
      
-
      
677,310
  
Total Common Stocks
    
20,985,035
      
-
      
-
      
20,985,035
  
Corporate Bonds
    
-
      
2,903,430
      
-
      
2,903,430
  
U.S. Treasury Notes
    
-
      
3,487,210
      
-
      
3,487,210
  
U.S. Government Agency
    
-
      
799,650
      
-
      
799,650
  
Preferred Stock
    
-
      
470,312
      
-
      
470,312
  
Money Market Fund
    
926,134
      
-
      
-
      
926,134
  
U.S. Treasury Bills
    
-
      
905,186
      
-
      
905,186
  
Total Investments in Securities
  
$
21,911,169
    
$
8,565,788
    
$
-
    
$
30,476,957
  
                                 
Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.